The following case study is an example of a comprehensive approach to illuminating strategic opportunities.
Client Case Study - Comprehensive Approach
The company providing the largest integrated clinical, financial and operational comparative database in the nation contracted with Phlegar & Associates to develop a cohesive product strategy.
Phlegar & Associates undertook four phases of work in an effort to articulate a strategy for success in the long-term. The firm performed a situation assessment, examining the current product offerings, strengths and weaknesses, core competencies, and customers' needs. This assessment was accomplished through on-site working meetings with cross-functional teams.
The firm also conducted market research with customers to fill knowledge gaps, interviewing 128 CEOs and other C-suite personnel to determine product use, product and service needs, and the barriers encountered in fulfilling these needs. Phlegar & Associates then completed a market visioning phase, where the firm looked at the client's current market landscape, its position within that landscape, the decision-making parameters, and the concerns of customers.
In the last phase, product strategy development, Phlegar & Associates explored possible avenues for fulfilling future market needs. The firm developed customer benefit segmentation; identified target customer segments; and identified product bundles, pricing structure, and product positioning. The development of the product strategy included evaluating potential product opportunities and examining partnership possibilities. The client was able to use this work to modify their current product and service offerings and align the positioning of current and future products with the target market segment.